11am update - algo bot melt

With a long 3 day weekend ahead, the market is pretty quiet, and that is allowing the old 'algo bot melt' situation to occur. A weekly close in the sp'1830s looks very likely, and there is now a viable opportunity for the market to gap into new highs at the Tuesday open.


sp'daily5

vix'daily3

Summary

Pretty quiet end to the week....

Precious metals and the mining stocks are going to close with powerful weekly gains...more on that later.
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VIX is naturally in melt lower mode, the seventh consecutive daily decline (I'm not sure what the record is).

A weekly close in the low 13s looks likely. I suppose the might be able to hammer it into the 12s in the closing minutes, not that it matters much. The recent high of 21..now looks a very long way up.